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William Rapp, based in Houston, TX, US, is currently a Capital Advisor at Medallion Funds, bringing experience from previous roles at eXp Commercial, NEXA Mortgage, Viking Enterprise LLC and Sun Realty - Houston. William Rapp holds a 1997 - 2001 BBA in Finance @ Texas A&M University. With a robust skill set that includes REO, Sellers, SFR, FHA financing, Reverse Mortgages and more, William Rapp contributes valuable insights to the industry.

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💼📊 RealPage Lawsuit: Collusion or Common Practice in Multifamily? 🤔⚖️

🚀 CRE’s Biggest Legal Showdown: DOJ Targets RealPage & Landlords! 🔥🏠

Bill Rapp, Commercial Mortgage Broker
February 10, 2025•2 min read

🚀 CRE’s Biggest Legal Showdown: DOJ Targets RealPage & Landlords! 🔥🏠

💼📊 RealPage Lawsuit: Collusion or Common Practice in Multifamily? 🤔⚖️

If you’re in commercial real estate, you know that market data is everything—but now, the DOJ is cracking down on how landlords share information. In a shocking legal twist, federal prosecutors are going after major multifamily landlords and RealPage, the controversial rent-setting software company, for alleged collusion in rental pricing.

What’s Happening?

The DOJ recently expanded its antitrust lawsuit, adding some of the biggest names in CRE, including:

  • Greystar

  • Blackstone’s LivCor

  • Camden Property Trust

  • Cushman & Wakefield

  • Willow Bridge Property Co.

  • Cortland Management

The accusation? That these firms allegedly coordinated rent prices, using RealPage’s algorithm to keep rates artificially high and reduce competition.

Why Is This a Big Deal?

For decades, landlords have shared comparables (comps) to assess rental rates—just like in any other business. But the DOJ is now questioning whether this industry-wide practice violates antitrust laws.

Multifamily executives are baffled by the lawsuit, arguing that gathering market data isn’t collusion—it’s just smart business.

💬 “If you were making a big financial decision, wouldn’t you call around and ask questions?”
—Eli Weiss, Joy Construction

Landlords Are on Edge

Even property owners who don’t use RealPage are now lawyering up, wondering if their standard practices could suddenly be considered illegal.

💼 Jeff Klotz, CEO of The Klotz Group, says he had to call his legal team immediately after the lawsuit expanded:
“When the Justice Department started naming landlords, that’s when it got real.”

The Numbers Tell a Different Story

Critics of the lawsuit argue that the DOJ is missing the real issue—that supply shortages and rising costs are the true drivers of rent hikes, not an algorithm.

In fact, some landlords claim RealPage often pushes prices down, not up. 📉
🏙️ Example: In Houston, RealPage recommended lower rents almost daily due to market shifts.

What Happens Next?

With a new administration taking over, the fate of this lawsuit is uncertain. Trump’s DOJ nominee, Pam Bondi, has yet to comment, but CRE professionals expect a business-friendly approach.

Could this blockbuster case reshape how landlords operate—or will it quietly disappear in a few months?

One thing’s for sure: the real estate industry is watching closely. 👀🏢

🔗 What do you think? Is this lawsuit justified, or is it government overreach? Drop your thoughts in the comments! 💬👇 #RealEstateNews #DOJ #CRE #Multifamily #RealPage #HousingMarket

Looking to buy, sell, or finance commercial real estate?

Work with an experienced Commercial Real Estate & Mortgage Broker you can trust!

Call me at 281-222-0433 today!

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Bill Rapp - Commercial & Residential Mortgage Broker

Whether you're a first-time homebuyer, a seasoned investor, or a business owner with ambitious plans, securing the right financing is crucial. At Medallion Funds, we take the guesswork out of mortgages, offering a comprehensive suite of residential and commercial loan options to fit your unique needs. Looking for Your Dream Home? We understand the excitement and challenges of navigating the residential real estate market. Our experienced mortgage brokers will guide you through every step, from pre-qualification to closing. We offer a variety of loan programs to suit your financial situation, including: • Fixed-rate mortgages: Offering stability with predictable monthly payments. • Adjustable-rate mortgages (ARMs): Providing competitive rates for a set period. • FHA loans: Making homeownership accessible with lower down payments. • VA loans: Rewarding veterans with attractive rates and flexible terms. Investing in Your Business Future? Growth often requires capital, and we can help you unlock the potential of your commercial property. Our brokers specialize in a wide range of commercial loan options, including: • Purchase loans: Financing the acquisition of new buildings or land. • Construction loans: Facilitating the development of your project. • Refinance loans: Restructuring your existing mortgage for better terms. • SBA loans: Providing access to government-backed financing for qualified businesses. The Medallion Funds Difference: We go beyond simply finding a loan. We take the time to understand your goals and develop a personalized strategy. Here's what sets us apart: • Expertise: Our brokers have a deep understanding of both residential and commercial lending. • Competitive Rates: We leverage our strong lender relationships to secure the best possible terms. • Streamlined Process: We handle the paperwork, keeping you informed every step of the way. • Exceptional Service: We're committed to providing you with a positive and stress-free experience. Ready to Take the First Step? Contact Medallion Funds today for a free consultation. Let's discuss your financing needs and help you achieve your dreams!

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Corporate NMLS NMLS # 1825831 | Company Website: https://medallionfunds.com/bill-rapp/

Copyright ©2021 | Mortgage Viking Team Licensed to Do Business | NMLS # 228246

This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply

Corporate | NMLS ID NMLS # 1825831

Corporate Address : 2651 N. Green Valley Pkwy STE. 101 Henderson, NV 89014 https://medallionfunds.com/bill-rapp/